Regulator: Suffolk Nat’l Bank ‘outstanding’

Riverhead-based Suffolk County National Bank received an "outstanding" ranking from its regulator, the Office of the Comptroller of the Currency, in terms of how well it meets the credit needs of its community.
According to the OCC, Suffolk County National Bank, which has 29 branches, has excellent distribution of home mortgage loans. The bank also has ...

One comment

Folks, This Community Reinvestment Act is the same CRA that the tea party nuts in the Republican version of reality call a despicable restriction on their greed, and pretend that it has something to do with Wall Street imploding.

The CRA does not require anyone to make bad loans, the fact that bad loans were made was due to the fact that there was so much money to be made from repackaging them. The CRA just says that you have to demonstrate good faith and dealing with all the members of your community, not redlining certain areas so that no one in that area — regardless of income — will be able to get a loan.

You can see from this how much the noise coming out of the Republicans is just that — choosing a moment of pain economically to try to reduce regulations which have helped millions and have kept greed and discrimination at least somewhat at bay.